Student Loan Debt in Queens
Student Loans and Bankruptcy
Many students graduate with loans, and can find it difficult to make payments when they cannot find work, are laid off, or have to deal with unexpected financial events. Graduates with student loan debt they can’t pay may consider filing for bankruptcy to get out of debt. However, student loan debts are often not dischargeable under the bankruptcy code.
If you are faced with mounting debt and decide to file for bankruptcy, you have several options depending on your financial situation. Chapter 13 bankruptcy allows you to go through a debt restructuring process, or set up a repayment plan to pay back your debt over time. If you qualify for Chapter 7 bankruptcy, your non-exempt assets are sold and the proceeds go towards eliminating your debt. But student loan debt will usually not be discharged in a Chapter 7, Chapter 11, or Chapter 13 bankruptcy.
There is one way that your student loan debt may be discharged. If paying your loans creates “undue hardship” and drastically affects your standard of living, you may have your debt discharged. Or, if you have difficulty making payments and need help, Chapter 13 bankruptcy allows you to restructure your loan payments so that they are easier to make. If you want to learn more about student loan debt and bankruptcy, contact Queens bankruptcy attorney Bruce Feinstein, Esq. for information regarding your situation.
Student Loan Debt – Queens Bankruptcy Lawyer
If you have student loan debt you cannot pay, you probably have many questions. Do you qualify to have your debt discharged due to undue hardship? Do you have a co-signer that may be affected if you file? What about other unsecured debts you have, are they covered if you file for bankruptcy? The Law Offices of Bruce Feinstein, Esq. can help answer these questions by reviewing your financial situation. They know every case is unique, and the firm will make sure you know your options for getting out of debt. They will help you file for bankruptcy, file an adversary proceeding to determine undue hardship, or discuss alternatives to bankruptcy if you are unsure. Dealing with debt can be stressful, but Bruce Feinstein, Esq. will protect your interests and help you through the process. The firm works with clients throughout Queens and Nassau counties and offers unparalleled one-on-one service.